On September 21, the GEM hashrate ETF Huaxia continued to be active. As of press time, it had an increase of 0.85% and a turnover of 161 million yuan. In terms of capital flow, it received a net subscription of 19 million yuan last Friday, with the latest scale of 330 million yuan. CITIC Construction Investment Securities believes that the interpretation of the computing power market is shifting from the triple logic of core asset clustering along the three-pronged logic of out-of-stock price increases, new demand generation, and capacity crowding out. Subsequent excess earnings will come more from segments in the AI computing power industry chain where card positions are clear, boom benefits are clear, and not yet fully priced. According to China Merchants Securities, the Huawei supernode relies on Lingqu Internet and NPO technology to shift computing power competition from a single card to a system level. It has now entered the large-scale commercial stage, driving growth in industrial chains such as high-speed interconnection, light engines, and liquid cooling. It is recommended to focus on the core goals of the supply chain and seize opportunities for domestic computing power clusters to expand. Societe Generale Securities said that domestic Huawei announced the subsequent commercial use of the 950 supernode cluster, overseas chip shipments are expected to double year-on-year in 2027, Nebius announced an increase in on-demand computing power rental prices, and the computing power industry at home and abroad continues to resonate. According to data, the GEM Computing Power ETF Huaxia tracks the GEM Computing Infrastructure Index, focusing on core computing power aspects such as data center construction and operation, computing power leasing, and liquid-cooled servers. The index's “data center” concept content reached 91.03%, the highest in the market. The computing power leasing concept content was 38.84%. The constituent stocks covered core computing infrastructure targets such as Co-Creation Data, Runze Technology, and Guanghuan New Network. For investors who are optimistic about computing power, please check out the GEM Hashing ETF Huaxia.

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